GBPUSD Daily Analysis – February 5, 2015

GBPUSD is facing 1.5268 resistance, as long as this level holds, the sideways movement in the range between 1.4950 and 1.5268 could be treated as consolidation of the downtrend from 1.5785 (Dec 16, 2014 high), and another fall towards 1.4500 is still possible after consolidation. Only break above 1.5268 resistance could signal completion of the downtrend.

gbpusd chart